Downtown LA Market Report - Downtown Los Angeles LA. Market Report. ... Los Angeles. The organization has been a catalyst in the ... DLR Group consolidated offices at . The BLOC

Downtown LA Market Report

Q3 2015

Downtown Center Business Improvement District

Metropolis

Clifton’s Cafeteria

The Broad

2 Downtown Center Business Improvement District

Q3 2015 MARKET REPORT

Founded in 1998, the Downtown Center Business Improvement District (DCBID) is a coalition of nearly 1,700 property owners in the central business district united in their commitment to enhance the quality of life in Downtown Los Angeles. The organization has been a catalyst in the transformation of Downtown into a vibrant 24/7 destination.

The mission of the Economic Development team is to improve and revitalize Downtown Los Angeles and bring investment and new businesses to the area. We provide services to current and prospective residents, workers, and businesses including:

• Development Consulting• Research and Information Requests• Events and Marketing• Monthly Housing and Office Tours• Customized Tours and Reports

Whether you need information on new construction, introductions to local decision-makers and influencers, or you just want to learn more about Downtown’s dynamic growth, we are the portal for information on all of Downtown LA.

DEFINITION OF DOWNTOWN LAThe DCBID defines Downtown Los Angeles as the area bounded by the 110, 101 and 10 freeways and the LA River, plus Chinatown, City West, and Exposition Park. The projects contained in this report are within a portion of Downtown Los Angeles, shown on the map to the right.

About the DCBID

To learn more about Downtown’s Renaissance and how to join us, visit www.downtownla.com.

3Downtown Center Business Improvement District


EXECUTIVE SUMMARY .............................. 4

MARKET OVERVIEWResidential .................................................. 6

Office .......................................................... 6

Hotel ........................................................... 7

Retail ........................................................... 7

DEVELOPMENT UPDATE

Overview ..................................................... 8

Significant Real Estate Sales ..................... 8

Commercial Development Map ............... 9

Residential Development Map ............... 10

Under Construction ................................. 12

Proposed .................................................. 14

FEATURED PROJECTS

Major Mixed-Use ..................................... 16

Residential ................................................ 17

Office ........................................................ 18

Hotel ......................................................... 19

Retail ......................................................... 20

Civic & Cultural ........................................ 21

SPOTLIGHT ON DTLA

Local Media .............................................. 23

US and Global Media .............................. 24

00

Table of Contents

7

17

20



The revitalization of Downtown LA continues to reach new heights. Perhaps nothing demonstrates the rise of DTLA more than the PacMutual Building. Mostly neglected for over 40 years, it was bought by Rising Realty in 2012 for $60 million. With some strategic improvements, they repositioned the property as a creative campus and were able to attract the highest office rents in Downtown before selling the property to Ivanhoe Cambridge for $200 million in Q3.

ResidentialEven with over 10,000 new residential units under construction, several new projects were added to the pipeline in Q3, highlighted by SoLA Village, a massive development south of the 10 freeway along Washington Boulevard.

OfficeThis quarter’s expected downsizing of AT&T in South Park was offset by the arrival of several new tenants including WeWork, Cross Campus, DLR Group, and Fragomen Del Rey, relocating to Downtown after 35 years on the Westside.

Retail The retail market in DTLA is poised for lift-off. Construction on The BLOC will wrap up shortly and Whole Foods Market opened for business on November 4th. Meanwhile, Clifton’s Cafeteria re-opened on Broadway with a vibe that is both historic and modern.

Cultural The eyes of the art world were on DTLA on September 20th as The Broad lifted its veil and began welcoming visitors (free of charge) to view the personal art collection of Eli and Edythe Broad. The momentum will continue in 2016 with the opening of the 100,000 square foot Hauser, Wirth & Schimmel gallery in the Arts District.

Q3 KEY STATS

$3.24 Average Class A Rent

Per Square Foot

96.8%Apartment

Occupancy Rate

$2.64 Average Retail Rent Per Square Foot

211,195 SF YTD Net Retail Absorption

$195.76 Hotel Average Daily Rate

385 Residential units broke ground

from Forest City

2,871 New proposed residential units

WeWork opened their first location in DTLA

DLR Group consolidated offices at The BLOC

PacMutual was sold for $200 million to Ivanhoe Cambridge

Q3 KEY HIGHLIGHTS

Executive Summary

Commercial

Arts & Entertainment

Civic & Institutional

Mixed-Use

Residential

Figueroa Corridor/Expo Park

TOTAL: $19.3 billion

$1.2b

$2.6b

INVESTMENT IN DOWNTOWN LA Between 1999-2014

$1b

$5.7b

$7.3b

$1.5b



9th & Broadway

FIGat7th

Grand Central Market



RESIDENTIAL• More than 2,800 residential units were proposed during

the quarter bringing the total residential pipeline to over

25,000 units.

• The opening of The Garment Lofts, an adaptive re-use

project, added 77 apartments to the Fashion District.

• Despite significant new apartment inventory, mature

properties maintained an occupancy rate of over 96%

while rents continued to rise.

2,001 CONDO UNITS UNDER

CONSTRUCTION

Market Overview

Q3 2015 Q3 2014

Apartment Occupancy Rate 96.8% 95.2%

Apartment Asking Rent Per Square Foot $2.74 $2.55

Average Effective Rent Per Unit $2,491 $2,337

Condo Sales 67 75

Condo Price Per Square Foot $642 $572

Source: CoStar, The Agency

Metropolis

RESIDENTIAL UNITS Before 1999 Since 1999Current

InventoryUnder

ConstructionTotal WhenComplete Proposed

Market Rate Rental 2,426 14,266 16,692 8,607 25,299 11,289

Condos 829 4,807 5,636 2,001 7,637 2,918

Affordable 8,371 3,776 12,147 0 12,147 253

Total 11,626 22,849 34,475 10,608 45,083 14,460

Estimated Population 58,592 18,140 77,092Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate

RESIDENTIAL INVENTORY



SIGNIFICANT REAL ESTATE SALES

Market OverviewOFFICE• DLR Group, Studio One Eleven, and Newmark

Grubb Knight Frank signed leases for almost

53,000 combined square feet at The Bloc.

• Immigration law firm Fragomen, Del Rey, Bernsen & Loewy relocated to Citigroup Center from West

LA, where they had been located for 35 years.

• Co-working facility operator WeWork opened its

first downtown LA location – a 44,500 square foot

space in the historic Fine Arts Building.

Q3 2015 Q3 2014

Vacancy Rate 18.4% 20.4%

Class A Rent Per Square Foot $3.24 $3.11

Overall Rent Per Square Foot $3.10 $2.95

YTD Net Absorption 107,101 -73,643

YTD Leasing Activity 2,017,480 1,310,806

Source: Cushman & Wakefield

Property Name Address Buyer Seller Price

PacMutual 523 W 6th St Ivanhoe Cambridge Rising Realty Partners $200 million

LA Fashion Mart 1219 Stanford Ave Young S Cho JADE Enterprises $137.9 million

Brunswig Square 360-374 E 2nd St Jamestown Arenda Capital Management $49.2 million

405 Mateo 405 Mateo St Hudson Pacific Zimmerman Development $40 million

1116-1120 S. Main 1116-1120 S Main St. JADE Enterprises Real Estate Group $24 million

1.8m SQUARE FEET OF OFFICE SPACE

UNDER CONSTRUCTION

257,000 PROPOSED



HOTEL• The Sydell Group announced plans to open

a NoMad Hotel at the recently purchased

Giannini Place at 7th and Olive.

• The $1-billion overhaul of The Reef and

development of SoLa Village will include a

20-story hotel tower featuring 208 guest rooms.

• While work continues on the exterior, along with

the rest of The BLOC, the interior renovation of

The Sheraton at 7th and Hope was completed.

RETAIL• Whole Foods began finalizing their construction

in preparation for a November 4 opening.

• The iconic Clifton’s Cafeteria reopened

on Broadway after a four-year, $10 million

renovation by Developer Andrew Meieran.

• Over 1.8 million square feet of retail space is

under construction in Downtown, setting the

stage for a shopping and dining boom.

1.8mSQUARE FEET OF RETAIL SPACE

UNDER CONSTRUCTION

1.1m PROPOSED

Q3 2015 Q3 2014

Vacancy Rate 6.0% 6.8%

Average Rent Per Square Foot $2.64 $2.18

YTD Net Absorption 211,195 55,640

Source: CoStar

Q3 2015 Q3 2014

YTD Occupancy Rate 77.2% 77.5%

YTD Average Daily Rate $195.76 $182.28

YTD RevPAR $151.17 $141.23

Source: CoStar, The Agency

The BLOC

Market Overview

8,163HOTEL ROOMS

2,515 UNDER CONSTRUCTION

2,360 PROPOSED


Commercial Developmentn Existingn Under Construction/Renovationn Proposed As of 11/15/15

Opened or began construction in Q3


Residential Developmentn Existingn Under Construction/Renovationn Proposed As of 11/15/15

Opened or began construction in Q3




Project Name Address ResidentialUnits

Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Estimated Completion Developer

MAJOR MIXED USE

FINANCIAL DISTRICT

Wilshire Grand 900 Wilshire Blvd. = 900 350,000 15,000 2017 AC Martin

The BLOC 7th & Flower/Hope = = = 450,000 2015 The Ratkovich Company

Metropolis Francisco b/w 8th & 9th 1,310 C 350 = 65,000 2018 Greenland

HISTORIC CORE

Broadway Trade Center 8th & Broadway = 200 500,000 200,000 2017 Waterbridge

SOUTH PARK

Oceanwide Plaza 11th & Figueroa 540 C 183 = 180,000 2018 Oceanwide

RESIDENTIAL

ARTS DISTRICT

Garey Building 905 E. 2nd St. 320 = = 15,000 2015 Megatoys & Lowe Enterprises

950 E. Third 950 E. 3rd St. 472 = = 26,000 2017 Legendary Development

CHINATOWN

Da Vinci 909 W. Temple St. 230 = = 8,200 2016 GH Palmer Associates

Blossom Plaza 900 N. Broadway 240 = = 20,000 2015 Forest City Residential West

CITY WEST

Valencia 1501 Wilshire Blvd. 218 = = 4,500 2016 Astani Enterprises

6th & Bixel 611 S. Bixel St. 640 = = 25,000 2016 Holland Partners

1419 W. 7th 1419 W. 7th St. 87 = = 1,000 2016 Canfield Development

FASHION DISTRICT

Grether & Grether 730 S. Los Angeles St. 72 = = 11,000 2016 South Park Group

The Maxfield Building 819 Santee St. 96 = = 6,000 2015 Capital Foresight

FINANCIAL DISTRICT

888 Hope 888 S. Hope St. 526 = = TBD 2016 CIM

eighth & grand 770 S. Grand Ave. 700 = = 42,000 2015 Carmel Partners

801 S. Olive 801 S. Olive St. 363 = = 10,000 2017 Carmel Partners

HISTORIC CORE

Singer Sewing Building 806 S. Broadway 7 = = TBD 2016 Anjac Fashion

Topaz 550 S. Main St. 159 = = 23,000 2017 Jade Enterprises

Broadway Palace Olympic & Broadway 686 = = 35,000 2016 GH Palmer Associates

932 S. Hill St. 932 S. Hill St. 18 = = 5,000 2015 Urban Investment Group

LITTLE TOKYO

Block 8-D 2nd & San Pedro 240 = = 16,000 2016 Sares-Regis Group

Vibiana Lofts 114 E. 2nd St. 238 = = 4,000 2017 Weintraub Real Estate Group

SOUTH PARK

Circa 1200 S. Figueroa St. 648 = = 40,000 2018 David Y. Lee

TEN50 11th & Grand 151 C = = 5,700 2016 Trumark Urban

Hanover Grand Avenue 1000 S. Grand Ave. 274 = = 12,000 2016 Hanover

Development: Under Construction




Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Estimated Completion Developer

SOUTH PARK (CONT.)

Hanover Olympic 924 S. Olive St. 263 = = 14,000 2016 Hanover

1001 Olive 1001 S. Olive St. 201 = = 4,000 2016 Lennar

Olive and Pico 1200 S. Grand Ave. 640 = = 42,000 2016 Wolf Partners

Mack Urban Phase 1 11th, Grand, Pico, Hill 362 = = 6,000 2017 Mack Urban

E on Grand 1249 S. Grand Ave. 112 = = 5,000 2017 4D Development

Onyx 500 W. Pico Blvd. 410 = = 42,000 2017 Jade Enterprises

Forest City 11H* 156 W. 11th St. 171 = = 7500 2017 Forest City

Forest City 12B* 1201 S. Main St. 214 = = 7500 2017 Forest City

HOTEL

FINANCIAL DISTRICT

Freehand Hostel 416 W. 8th St. = 200 = = 2016 Sydell Group

Hotel Clark 426 S. Hill St. = 348 = = 2015 Chetrit Group

Embassy Hotel 851 S. Grand Ave. = 183 = = 2015 Chetrit Group

FASHION DISTRICT

The Proper (Case Hotel) 11th & Broadway = 151 = = 2017 The Kor Group

OFFICE/RETAIL

ARTS DISTRICT

AT MATEO Mateo & Palmetto = = = 200,000 2016 Blatteis & Schnur

Row DTLA (Alameda Square) 7th & Alameda = = 250,000 = 2016 Atlas Property

LA Cleantech Incubator Hewitt & Palmetto = = 70,000 = 2015 LACI

2045 Violet 2045 Violet St. = = 20,000 10,000 2015 DCM

The Ford Building 2060 E. 7th St. = = 271,000 = 2017 Shorenstein

FASHION DISTRICT

Stanford Plaza 895 E. 14th St. = = = 150,000 2015 Joia Trading

City Market South 11th & San Julian = = 30,000 100,000 2016 Peter Fleming

Harris Building 110 W. 11th St. = = 58,000 6,400 2016 Rita Harris

HISTORIC CORE

353 S. Broadway 353 S. Broadway = = 50,000 10,000 2015 Flatiron Development

527 S. Broadway 527 S. Broadway = = 70,000 8,000 2015 King's Arch

The Vail 735 S. Broadway = = 40,000 10,000 2016 George Peykar

SOUTH PARK

The Desmond 425 W. 11th St. = = 82,000 = 2015 Lincoln Property Co.

CIVIC & CULTURAL

ARTS DISTRICT

Hauser Wirth & Schimmel 901 E. 3rd St. = = = = 2016 Hauser & Wirth

BUNKER HILL/CIVIC CENTER

Federal Courthouse 2nd & Broadway = = = = 2016 GSA

TOTAL UNDER CONSTRUCTION10,608

ResidentialUnits

2,515 Hotel

Rooms

1,761,000 Office Sq. Ft.

1,824,400 Retail Sq. Ft.

TOTAL # OF PROJECTS =

52

C = Condo * Broke Ground in Q3

Development: Under Construction




Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft. Developer

MAJOR MIXED USE

BUNKER HILL

Grand Avenue Project 2nd & Grand 450 300 47,000 209,000 Related California

FASHION DISTRICT

City Market 9th & San Pedro 945 C 210 TBD 225,000 Peter Fleming

SOUTH PARK

Mack Urban Phase 2 1120 S. Grand/1155 S. Olive 666 300 = 21,000 Mack Urban

1020 S. Figueroa 1020 S. Figueroa St. 650 C 250 = 80,000 Hazens

SoLA Village* 1900-1933 S. Broadway 1423 208 = 30,000 PRH LA Mart

RESIDENTIAL

ARTS DISTRICT

AMP Lofts 695 S. Santa Fe Ave. 320 = = 20,000 Bolour Associates

Arthouse 1200 S. Santa Fe Ave. 53 = = 13,000 Core Development Group

Industrial Street Lofts 1525 Industrial St. 360 = = 12,000 Camden

Alameda & 4th Lofts 360 S. Alameda St. 63 = = TBD South Alameda Development

1800 E. 7th St. 1800 E. 7th St. 125 = = 8,000 Elm Tree Investment

527 S. Colyton St. 527 S. Colyton St. 234 = = 13,400 Bolour Assoc

CHINATOWN

LA Plaza Cultura Village 400 W. Cesar E Chavez Ave. 345 = = 50,000 LA Plaza de Cultura y Artes

College Station 924 N. Spring St. 685 = = 40,000 Evoq

CITY WEST

1027 Wilshire 1027 Wilshire Blvd. 376 = = 6,500 Central City Development

Sapphire* 1111 W. 6th St. 362 = = 25,800 Jade Enterprises

1135 W. 7th St.* 1135 W. 7th 241 = = 7,000 Pangea Development

FINANCIAL DISTRICT

Onni Tower 820 S. Olive St. 589 = = 4,500 Onni Group

5-OH 5th & Olive 312 = = 17,000 Macfarlane Partners

HISTORIC CORE

939 S. Broadway 939 S. Broadway 163 = = TBD Barry Shy

Hill Tower Lofts 920 S. Hill St. 239 C = = TBD Barry Shy

4th and Broadway 4th & Broadway 400 = = 7,000 Izek Shomof

Medallion 2.0 4th & Main 500 = = 38,000 Saeed Farkhondehpour

SB Omega 601 S. Main St. 500 C = = 25,000 Barry Shy

Title Insurance Building 433 S. Spring St. 250 = = 40,000 Capital Foresight

The Chelsea 216 W. Fifth St. 28 = = TBD Nick Hadim

955 S. Broadway 955 S. Broadway 250 C = = TBD Barry Shy

Banco Popular 354 S. Spring St. 212 = = TBD Allen Gross

Beacon on Hill 4th & Hill 428 = = 2,900 Equity Residential

Spring St. Tower 525 S. Spring St. 360 = = 9,400 Downtown Management

Development: Proposed




Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft. Developer

HISTORIC CORE (CONT.)

Eighth & Spring 737 S. Spring St. 320 = = TBD Holland Partners

950 S. Broadway 950 S. Broadway 30 = = 7,500 GH Palmer

The Hill* 940 S. Hill St. 232 = = 14,000 940 Hill LLC

732 S. Spring* 732 S. Spring St. 308 = = 7,200 Holland Partners

The Alexan* 850 S. Hill St. 305 = = 7000 Trammell Crow

LITTLE TOKYO

Etco Homes 118 Astronaut Ellison S. Onizuka St. 66 = = TBD Etco Homes

SOUTH PARK

Onni Towers 1212 S. Flower St. 730 = = 8,000 Onni Group

1133 Hope Tower 1133 S. Hope St. 208 C = = 5,000 Amacon

12th and Grand 1201 S. Grand Ave. 126 C = = TBD City Century

916 Georgia St 916 Georgia St. 29 = = TBD TRG

1400 S. Figueroa 1400 S. Figueroa St. 106 = = 4,750 DHG Family Trust

Apex Phase II 900 S. Figueroa St. 341 = = 15,000 Holland Partners

Six Four Nine Lofts Wall & 7th 55 = = TBD Skid Row Housing Trust

FLOR 401 Wall & 7th 100 = = TBD Skid Row Housing Trust

HOTEL

FASHION DISTRICT

Dart Hotel 820 S. Spring St. = 14 = = Juan Pablo Torre

NoMad Hotel* 515 W. 7th St. = 241 = = Sydell Group

HISTORIC CORE

419 S. Spring 419 S. Spring St. = TBD = = PNK Group

Lizard in Los Angeles 631-633 S. Spring St. = 176 = = Lizard Capital

JEWELRY DISTRICT

Foreman & Clark 701 S. Hill St. = 165 = = Young Ju Kwon

SOUTH PARK

JW Marriott Expansion Olympic & Georgia = 755 = = AEG

1130 S. Hope 1130 S. Hope St. = 44 = = Kevin Burke

OFFICE/RETAIL

ARTS DISTRICT

4th & Traction 963 E. 4th St. = = 100,000 30,000 Hudson Pacific Properties

500 S. Santa Fe 500 S. Santa Fe Ave. = = 65,000 12,000 Chalmers

SoHo House 1000 S. Santa Fe Ave. = = TBD TBD SoHo House

JEWELRY DISTRICT

718 S. Hill 718 S. Hill St. = = 45,000 7,000 Urban Blox

TOTAL PROPOSED14,460

ResidentialUnits

2,360 Hotel

Rooms

257,000 Office Sq. Ft.

1,054,000 Retail Sq. Ft.

TOTAL # OF PROJECTS =

52

Development: Proposed

C = Condo * Added in Q3



PROPOSED1020 S. FIGUEROA

Developer: HazensAt a cost of $700 million, Downtown’s latest

mega-project in South Park will have 650 condos, 250 hotel rooms, and 80,000 square feet of retail.

UNDER CONSTRUCTIONWILSHIRE GRAND CENTER

Developer: AC MartinAt 73 stories, this $1 billion undertaking in the Financial

District will be the tallest building west of the Mississippi and the first new office tower in Downtown in over 30 years

when it opens in 2017.

UNDER CONSTRUCTIONOCEANWIDE PLAZA

Developer: OceanwideAcross from Staples Center and L.A. LIVE in South Park, this $1 billion project will include 540 condos, 183 hotel

rooms, and almost 200,000 square feet of retail.

UNDER CONSTRUCTIONMETROPOLIS

Developer: GreenlandThis $1 billion project in South Park will include 1,310

condos, a 350 room Hotel Indigo, and over 60,000 square feet of retail to be completed 2016-2018.

Featured Projects: Major Mixed Use



OPENED IN Q3Name Neighborhood Description

The Garment Lofts Fashion District Adaptive re-use project adding to the growing Santee Village

Pershing Apartments Historic Core $100 million, 37 story luxury high-rise project

The Broad Bunker Hill World class contemporary art museum offering free general admission

Clifton’s Cafeteria Historic Core Dramatic re-imagining of a historic space from the team behind The Edison

Featured Projects: Residential

UNDER CONSTRUCTION801 S. OLIVE

Developer: Carmel PartnersAcross the road from their soon-to-open Eighth and

Grand project, Carmel Partners has begun construction on this 33 story tower in the Financial District with 363

apartments and 10,000 square feet of retail.

UNDER CONSTRUCTIONBROADWAY PALACE

Developer: GH PalmerThis project, which is on both sides of Olympic Blvd. at Broadway, will integrate the existing Historic Core architecture into its design and will feature extensive

street-level retail.

UNDER CONSTRUCTIONOLYMPIC AND OLIVE

Developer: HanoverThis is one of three projects from Hanover within

one block on Olympic Blvd. The three will bring over 700 residential units and 40,000 square feet of retail

to South Park.



Q3 SELECT LEASESTenant Building Address Sq. Ft.

Los Angeles Immigration Court City National Bank Building 606 S. Olive St. 72,210

DLR The BLOC 700 S. Flower St. 35,362

Cross Campus 800 Wilshire 800 Wilshire Blvd. 27,272

DoubleLine Wells Fargo Center 333 S. Grand Ave. 25,985

Featured Projects: Office

UNDER CONSTRUCTIONBROADWAY TRADE CENTER

Developer: Waterbridge CapitalWith over 1 million square feet of space that

has been vacant for years, this project will transform almost a full city block at Broadway and 8th in the Historic Core.

UNDER CONSTRUCTIONFORD FACTORY

Developer: ShorensteinScheduled to open in 2017, the former Ford Factory in the Arts District is being revitalized into a state-of-the-art 250,000 square foot office destination for creative

and knowledge-sharing companies.

UNDER CONSTRUCTIONTHE DESMOND

Developer: Lincoln Property Co.This historic department store building in South Park,

two blocks from L.A. LIVE and Staples Center, will be the new AEG Live headquarters.



BeSpoke Cycle StudioBroken SpanishRice BarShiekh ShoesAvery Sing

Namaste KitchenRedline DTLABierbieslediBOLSnociety Urban Eatery

Senor FishVespaioTabachines CocinaPublic School 213Philz Coffee

Andante CoffeeDistrictMixabowlPetty CashClifton’s Cafeteria

Featured Projects: Retail

JUST OPENEDWHOLE FOODS

Developer: Carmel PartnersOpened in November 2015, it occupies the ground

floor of the eighth & grand residential project in the Financial District.

UNDER CONSTRUCTIONTHE BLOC

Developer: The Ratkovich CompanyThis summer, the roof came off the former

Macy’s Plaza, which will re-open in 2016 as an open-air, pedestrian-friendly retail center anchored

by a completely renovated Macy’s flagship store in the Financial District.

UNDER CONSTRUCTIONAT MATEO

Developer: Blatteis & SchnurThe largest retail project in the Arts District will feature

open-air pedestrian walkways and architecture that reflects the industrial surroundings.

Q2 SELECT RETAIL OPENINGS



PROPOSEDNOMAD HOTEL

Developer: Sydell GroupThis is the second project from

the Sydell Group within one block, with construction already

underway on their Freehand Hostel.

UNDER CONSTRUCTIONTHE LA PROPER

Developer: KOR GroupSituated south of the Ace Hotel,

this historic conversion in the Fashion District promises to expand the boundaries of Broadway’s revival.

PROPOSEDJW MARRIOTT EXPANSION

Developer: AEGFormerly proposed as a Renaissance Hotel, AEG has chosen to move forward with an expansion that will bring over 700 rooms and a pedestrian

bridge for better access to the Convention Center.

LOS ANGELES TOURISM RECORDS SET IN 2014

visitors, up 4.8% from 201344m+ 6.5m foreign visitors,

up 5.6% from 2013 $19.6b in direct visitor spending, up 6.8% from 2013

Featured Projects: Hotel



UNDER CONSTRUCTIONEXPO LINE EXTENSION

Developer: MetroThis light rail line is already a massive success from 7th/Metro Center to Culver City. The extension to

Santa Monica, opening early 2016, promises to reshape how people think about transit and create new

opportunities for both the Westside and Downtown.

UNDER CONSTRUCTIONREGIONAL CONNECTOR

Developer: Metro This 1.9-mile underground light rail extension set to

open in 2020 will provide a one-seat ride for north/south and east/west travel across Los Angeles County through

the heart of Downtown.

NOW OPENTHE BROAD

Developer: The Broad FoundationThis Bunker Hill project has already helped establish DTLA as the art capital of the West Coast. A recently completed

crosswalk connects The Broad to MOCA and enhances pedestrian access on Bunker Hill.

PROPOSEDLA CONVENTION

CENTER RENOVATIONDeveloper: City of Los Angeles

Moving forward without a football stadium, the LA Convention Center has chosen a design by HMC

Architects and Populous that will expand and modernize the facility to help attract top-tier events to Downtown LA.

Featured Projects: Civic & Cultural



9/16/15WHAT YOU NEED TO KNOW IF YOU’RE GOING TO THE BROADThe $140 million edifice at 221 S. Grand Ave. bows on Sunday, Sept. 20. It holds the approximately 2,000 pieces of art in the collection of billionaire philanthropist Eli Broad (rhymes with road) and his wife Edythe, though only about 200-250 will be on display at any time. The collection includes works by the biggest names in contemporary art. — Downtown News

09/10/15HISTORIC PACMUTUAL BUILDING IN DOWNTOWN LA IS SOLD FOR $200MRising Realty Partners made over the Beaux Arts-style building from a lower-rent alternative for conventional white-collar firms into a preferred address for businesses in creative fields such as technology and entertainment. It acquired the property at 6th and Olive streets for $60 million in 2012. — Los Angeles Times

09/2/15COMPETITION TO REDESIGN PERSHING SQUARE BEGINSElected officials and other local leaders appeared on the steps of City Hall to announce the start of a design competition for the five-acre park at 532 S. Olive St. The kickoff follows the City Council’s unanimous vote to authorize the nonprofit Pershing Square Renew to raise money, conduct community outreach and develop a design competition for the park. — Downtown News

08/10/15L.A. PUSHES TO BE U.S. CANDIDATE FOR 2024 SUMMER OLYMPICS, PROJECTS $4.1 -BILLION COSTLos Angeles is close to reaching an agreement with the U.S. Olympic Committee to be America’s candidate for the 2024 Summer Games, pledging to host the event at a projected cost of approximately $4.1 billion and offering a guarantee that the city would cover any financial overruns.—– Los Angeles Times

08/05/15REAL ESTATE FIRM BUYS BRUNSWIG SQUARE FOR $33 MILLIONGreen Oak Real Estate, the firm that recently snapped up the Hotel Figueroa, has teamed with Arenda Capital Management to purchase Brunswig Square, an eight-story office building in Little Tokyo. The companies paid $33 million for the property at 360 E. Second St. that spans 115,000 square feet with 25,000 square feet of ground-floor retail space. — Downtown News

07/2/15CAL STATE L.A. OPENING DOWNTOWN CAMPUSCal State Los Angeles is opening a campus in downtown Los Angeles, having signed a 10-year lease late for 21,000 square feet at 801 S. Grand Ave. in the Financial District. The 24,000-student university’s new campus will offer undergraduate, graduate, professional development and certificate programs. — Los Angeles Business Journal

Spotlight on DTLA: Local Media


23

SEPTEMBER 2015WHY EVERYONE SHOULD STAY IN DOWNTOWN L.A.

“Thanks to an influx of exciting restaurants and bars, as well as the arrival of L.A. Live, Downtown L.A., affectionately called DTLA, is becoming a must-visit neighborhood in Los Angeles, even for Angelenos.”

MAY 2015LOS ANGELES AND ITS BOOMING CREATIVE CLASS LURES NEW YORKERSLong a gritty urban backwater, Downtown has become a trend factory, brimming with Beaux-Arts loft condos, galleries,

groundbreaking restaurants like Baco Mercat and, inevitably, a new Ace Hotel to serve as “Portlandia” south

DECEMBER 2014 10 TOP DESTINATIONS TO VISIT IN 2015

“Exciting new hotels like the Ace, stores like Acne Studios and food venues like the revamped Grand Central Market – in addition to the recently completed $3 billion sports and entertainment complex known as LA Live – have injected downtown with a jolt of energy that’s helped lure visitors and residents away from LA’s sunny

perimeter and into its urban core.”

AUGUST 2014 THE BEST NEW RESTAURANTS IN AMERICA 2014

“Over the past year, Grand Central Market, much like the rest of Downtown L.A., has seen a remarkable renaissance. When I first started going to GCM a decade ago, it was for tacos and a glimpse into a world much different than what you’d find in, say, Malibu. It was authentic, if a bit gritty. Some of the food was good; much

of it wasn’t. But now, with new stands joining the fray, it’s great... it’s that rich and varied diversity that makes the market—and Los Angeles as a whole—unique.”

JANUARY 2014 AMERICA’S NEXT GREAT CITY IS INSIDE LA

“The new capital of cool in the US…America’s new great city.”

Downtown Center Business Improvement District


Spotlight on DTLA: US & Global Media

PLEASE CONTACT THE DCBID WITH ANY QUESTIONS YOU MAY HAVE.NICK GRIFFINDirector of Economic Development (213) [email protected]

ELAN SHOREEconomic Development Associate Research and Special Projects(213) 416 [email protected]

JULIA MARINOEconomic Development Associate(213) 416 [email protected]

Documents

Downtown LA Market Report - Downtown Los Angeles LA. Market Report. ... Los Angeles. The organization has been a catalyst in the ... DLR Group consolidated offices at . The BLOC